A new year brings new opportunities and new beginnings, so why not start the year by forming some healthy savings habits with these couple of easy savings tips;
The increasing dollar plan: Starting the first week of the year, save $1, then $2 in the second week, $3 in the third week and so on, up until $52 in the last week of the year. By doing this you will have accumulated $1,378 by years end. If you find it easier, do this in reverse, starting at $52 in week 1.
The ‘out of the wallet’ savings plan: Pick a coin or note, either 50c, $1, $2 or the $5 note. Every time you receive one of your nominated coins/notes as change, instead of putting it in your wallet, put it in your pocket and then in your money tin/piggy bank. This could be a very tidy sum of savings by the end of the year.
The gift card savings plan: A good way to save if you have something specific to save for. Instead of putting money aside where it could easily be spent, buy a gift card to the store where your desired item is, that way you cannot spend the money elsewhere. As a second tip, keep an eye out for gift card sales, they often have 10-15% off.
Round up accounts: Some banks and institutions now offer round-up accounts. If you have a $1 round-up setting, and you buy something for $1.70, your bank will automatically round it up to $2, giving the vendor their $1.70, and putting the remaining 30c into a savings account. It doesn’t sound like a lot but can really add up over hundreds of transactions a year.
It may not sound like much, but continually and repeatedly performing these simple savings tips will help you develop a savings habit and mindset, which is the basis for wealth accumulation.
To talk more about saving strategies, start a conversation with Steve May Financial Services today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
